ModivCare starts roadshow for $400 million eight-year notes; initial guidance 6% area

By Paul A. Harris

Portland, Ore., Aug. 9 – ModivCare Inc. started a roadshow on Monday for a $400 million offering of eight-year senior notes (expected ratings B2/B+), according to market sources.

The deal is in the market with initial guidance in the 6% area and is expected to price during the Aug. 9 week.

Deutsche Bank Securities Inc. is leading the offering.

The Rule 144A and Regulation S notes come with three years of call protection.

The issuing entity will be special purpose vehicle ModivCare Issuer Escrow Corp.

The Atlanta-based health care services provider plans to use the proceeds to support its acquisition of VRI Intermediate Holdings LLC.

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